Form3 Beats Data Challenges with Terzo AI
Better quality data is improving risk reduction efforts and is supporting data democratization
Terzo has fundamentally changed the way we do business. I can now find things within contracts really easily (and trust the information). Having the hierarchy view, seeing termination clauses, and having key management information readily available is helping us make critical business decisions faster.
Customer Challenges
Transitioning from manual processes to enhanced accuracy
Form3 encountered some challenges associated with manual processes in their previous contract management system. These challenges primarily revolved around data accuracy concerns, making it difficult for the platform to serve as a single source of truth. To mitigate the potential risks, Form3’s vendor management team invested considerable time in manual data entry and verification processes.
Optimizing VMO team resources and collaboration
In light of data accuracy risks, the VMO team handled requests directly, necessitating the navigation between multiple systems for report compilation. This labour – intensive approach consumed valuable hours each week and reduced the team’s bandwidth.
Unifying workflows and enhancing governance
Critical workflow proved to be time consuming with the challenge of accurate data centralization. Governance became a major opportunity since the vendor management team had to chase stakeholders over tools like email and Slack for approvals, which ultimately posed the risk of delay to these processes.
Customer Journey
From self-service to Terzo AI
Form3’s incumbent system used an outdated self-service optical character recognition (OCR) artificial intelligence model to extract data from contracts. Self service meant vendor managers had to work directly with the AI solution. A shift to Terzo took the AI out of the hands of business stakeholders so they could truly focus on business outcomes.
Democratizing data
Form3’s head of Vendor Management sought a central repository that was easily accessible and readable by a wide variety of people, including senior management, where they could see things clearly. This meant finding a system the team could trust, with accurate contract and vendor data.
Starting anew with automation
Automation was configured with renewal alerting across the appropriate stakeholders, with a new intake process and approvals establishing a true system of governance through Terzo.
- 99%Contract data accuracy
- 40%Time & resource savings
- 100%Renewal defense
Solution
Terzo’s AI-as-a-Service
Terzo’s AI as a service took the AI out of the hands of business stakeholders so they could truly focus on business outcomes. Data extraction is made easier with Terzo’s unique model to use technology with humans in the loop to build better accuracy across the board. The technology pulls metadata as simple as start/end date, but as sophisticated as clauses and SLA details
Terzo 360 & Alerts
Terzo’s 360 includes dashboards and sophisticated reporting that’s powered directly by information coming from AI-as-a-Service efforts. Now, with an accurate reflection of start and end dates, the Form3 team can clearly see upcoming renewals and any other spend commitments. All users have access to the Dashboard for global visibility. Search, sort and report through a slick UI makes it easier to access then download data.Additionally, renewal alerts set up at 30, 60 and 90 days help the team beat auto renewals and process other cycles much further in advance.
Terzo Workflows
Terzo workflows built automation with ad hoc processes including risk assessments and exit plans. Reminders are helping the team never miss an assessment and to beat auto renewals before expiry dates.
